Does my college student need renter's insurance?

​Do you have a student heading off to college this year, and are wondering whether their personal belongings are insured under your homeowners insurance policy?  The quick answer - it depends.

If your student is living in a dorm or on-campus housing, their personal property belongings are most likely covered under their parents' homeowners insurance policy.  Please check with your agent to see if your policy covers a student living on-campus.  Another thing to consider, is that many homeowners insurance policies limit the amount of insurance for off-premises belongings to 10 percent of the policies personal property coverage.  This means that if a policy has coverage for $60,000 worth of insurance for belongings, only $6,000 coverage would be applicable to the belongings in a dorm room or on-campus residence.  With most homeowners insurance policies, there is a limit for certain items such as computer and electronic equipment and jewelry. If the student has items that are above the standard limit on an insurance policy, these items should be scheduled separately as a Scheduled Personal Property (SPP) endorsement to their homeowners policy.

If your student is living off-campus, their belongings are most likely not covered under their parents' policy and should obtain their own renter's insurance policy to cover their belongings.

For students going off to college, the Insurance Information Institute recommends the following things:

• Leave valuables at home when possible
• Create a "Dorm Room Inventory"
• Engrave Electronics
• Always lock your dorm room - even if you are only going to be gone briefly
• Don't leave belongings unattended
• Buy a laptop security cable and use it
• Use cooking devices safely

Some other things to consider:

1. Most home policies have a $1000 deductible, which is higher than what you might put on a renter's insurance policy.  
2. If there is a claim for your student (under your policy), it may affect your home insurance premium.
3. Many, if not most, apartment complexes are requiring proof of renter's insurance and some will add a fee to monthly rent if this is not provided.
4. Renters insurance is very affordable at $10-$20 a month.

If you have a student away at college and want to check if their belongings are covered, please contact your Alliance General Insurance agent at (515) 232-9271.